Business is just like Science You need to do proper research before any business startup. New businessmen can learn a lot from the failures and successes of other businessmen.
Byju’s Learning App is one of the greatest success stories in recent times in the educational sector and in the world of business.
What is Byju’s App All About?
BYJU’S is India’s largest education company and the creator of India’s largest K12 learning app which offers highly adaptive, engaging and effective learning programs for students in classes 4-12 (K-12) and competitive exams like JEE, NEET, CAT, IAS, GRE and GMAT.
Byju’s App started with a vision in mind because they clearly saw the lack of attention each student faces in a classroom. Although face-to-face classrooms are very feasible, a single teacher cannot give equal attention to every student. To fill this gap Byju’s classes made their way in the face-2-face education system. One of the qualities that are admired a lot by people is that Byju’s completely respects the learning pace of each and every student.
Super Ingenious Founder
BYJU’s was founded in the year 2011 by Byju Raveendran. He is India’s youngest billionaire with a net worth of $3.05 billion as per Forbes list of India’s 100 Richest People (2020)
After working for a couple of years as a globetrotting service engineer for a shipping firm, Byju became a teacher by accident. On holiday, he helped some friends pass the Common Aptitude Test entrance examination. From then on, requests started pouring in from friends of friends, and their friends. In no time, ‘Byju’s classes’ became so popular that he quit his job and flying from one city to another to take classes.
His classrooms grew from a single room, to a hall, and then an auditorium and at one point even a stadium! He launched the BYJU’s Learning App for school students in 2015.
Education is a trust business and you make decisions based on what people in your trusted circles say.
Starting small and getting the initial customer group right is key. Few people know that the first few thousand students who got access to the Byju’s EdTech product were actually selected from lakhs of students based on merit. By ensuring that top students used the product and derived value from it, the company built trust with parents. Higher trust and more champions translates to a lower cost of acquisition (CAC).
Also Read | K12 Online School: The Present And Future Of Learning
Parents Want The Best Not The Cheapest
Most EdTech companies have lots of visits, downloads or early engagement on their free content or product. The plan always seems to be to monetize some time in the future. With so many resources available online, there is limited perceived value if something is offered free.
Parents are not looking for free ways to make their child successful. They are looking for The Best Way!
Have the courage to charge for the value you provide. Byju’s monetized their product through large events where they would have the parent and the child in the same room and where they could convince parents of the value of their offering. It’s important to iterate and find an effective selling model that can be refashioned into scalable models down the road. This is exactly what Byju’s did when they moved to a mobile app-led model.
Tip For Education Companies
If you run an EdTech company with usage but limited monetization, ask yourself a few tough questions to find out where you actually stand.
Do consumers love the product enough?
Is it truly differentiated from the market?
If the answers to these questions point to specific problems, fix those first and demand will follow. Every parent wants their child to do well. Education is one area in India where parents are willing to spend money to equip their children with the right tools for better outcomes. It is up to companies to provide them with tools and solutions that are compelling enough.
Byjus Revenue Has Been Ginormous
In 2015, the Bengaluru startup launched its popular online offering ‘The Learning App,’ and went on to become the leader in offering personalised learning programmes for students. In the financial year that ended in March 2020 (FY20), Byju’s doubled its revenue to Rs 2,800 crore. India happens to be the second-largest edtech market in the world after the US, and the industry here is estimated to be worth $750 million.
Edtech unicornis the only Indian entry in the list of April’s top 10 downloaded education apps on Google Play Store, according to data from Sensor Tower. BYJU’s occupies the 10th spot on a list topped by Google Classroom and YouTube Kids.
The app counts over 50 million downloads on Play Store, and is rated 4.5 out of 5.
Features of BYJU’S- The Learning App
The quality of the CAT course is well maintained and tailored to individual needs of the candidates. Here are some of the unique features of the BYJU’S app:
Full-length video lectures by the best CAT trainers in the country including Byju Raveendran (serial CAT topper) and P.N Santosh (ISB Hyderabad alumni and GMAT 780 scorer).
Over 200 practice tests and 20 mock tests are provided to help the students get acquainted with the actual CAT paper.
Numerous copyrighted shortcut techniques are explained to solve the CAT questions quickly and effectively. One of such technique is the mathematical approach to reading comprehension.
Several out-of-the-box tips are given to learn the important concepts and develop problem-solving skills.
Additional GD/ PI sessions are conducted as post CAT preparation to help the candidates in the GD and PI of the particular institutes.
Personal mentors are assigned to every student to help them clear their doubts at the earliest.
Competitors Of E-Learning App BYJU
Toppr is an online learning app personalized for CBSE students. It allows learning through high-quality video lectures, takes mock tests, & provides new concepts of learning. It also has a real-time doubt clearing feature benefitting students globally.
Vedantu is an online e-learning platform that features real-time personalized learning. It provides a software platform where students can connect with teachers for live counseling sessions, doubt clearing sessions, and real-time one to one teaching to study seamlessly.
Khan Academy is changing the rules of education. It provides free world-class education to anyone, anywhere. It provides a free educational resource for students, teachers, and parents. It offers quizzes, practice worksheets, and tests so students can master skills, as well as instructional videos to help students learn or review material.
Unacademy builds a large educational repository by empowering great educators and making it accessible to everyone. It allows aspiring students to better prepare for their competitive examinations and promote self-learning.
If you are an entrepreneur or a startup who is dreaming big about launching your own business why not begin in the education sector? This is a niche whose potential you can exploit to the hilt. Talk to us today and we will help you build an app like Bijus.